Fund Name: State Bank of Richmond Fund
Fund Established: August 23, 1988
Community Foundation(s): Central Minnesota
The State Bank of Richmond was established in the city of Richmond in 1904. As Richmond grew, so did the bank. This growth prompted the bank to share its success with its community.
In 1987, the board established a fund to return that support. The purpose of the State Bank of Richmond Fund is to use the income from the fund to further charitable and community purposes.
"We want to be involved in our community and to be able to help wherever and whenever we are needed. By making funds available, we are fulfilling that goal," said Jim Doll, president of State Bank of Richmond.
The State Bank of Richmond Fund also awards an annual scholarship to help high school seniors in the Richmond community further their education. The purpose of the program is to aid in financing post-secondary education. The funds will help a student attend any accredited post-secondary educational institution. Jim said this would be a "good way to recognize area students to say 'thank you' to the people of the community."
He also feels it is important for all students to have a chance to be awarded the scholarship. "Students don't have to be the brightest to win this scholarship, they just have to try. Even a student with average grades has an opportunity to succeed."